PVR takes cost reduction steps; plans to raise Rs 300 cr via rights issue

News Network
June 9, 2020

New Delhi, Jun 9: Multiplex operator PVR on Monday said it has cut salary across various levels, laid off employees and deferred increments during the lockdown to mitigate adverse impact of COVID-19 on the business.

The company said at present it is not generating any revenue from exhibition business and related activities as cinemas across the country are shut following the directions from the regulatory authorities.

According to the company, closure of screens during the lockdown will have a significant negative impact on profitability and liquidity.

PVR has taken measures to reduce its personnel cost, including salary cuts across various levels in the organisation during the lockdown along with "reduction in headcount by way of layoffs/retrenchment" to mitigate the adverse impact of COVID-19 on the business.

Moreover, the board of the company, in its meeting held on Monday has also approved plan to raise Rs 300 crore through rights issue.

"Since Cinema Exhibition is the only business segment, company is currently not generating any revenue from admissions, food and beverage sales or other revenue and cash flow from operations," said PVR in an update.

Beginning from March 11, PVR started closing its screens in accordance with the order passed by various regulatory authorities and within a few days most of our cinemas across the country were shut down, it added.

The company will continue to incur committed cash outflows, including employee salary pay-outs, other overheads as well as payments for older working capital.

"This has and will have a significant negative impact on profitability and liquidity during lockdown and even thereafter till business comes to normalcy," it added.

Further, once the cinemas are re-opened, we may not be able to run our cinemas at normal capacity utilisation levels on account of social distancing measures that cinemas may be required to follow as well as health concerns that the patrons may have, the multiplex operator said.

"On account of this, our revenue and cash flow generation may be impeded even once we are allowed to restart operations," it added.

The company has also deferred decision on on increments to reduce its cost, it added.

PVR has also written to developers for waiving rental and CAM (Common Area Maintenance) charges for the lockdown period.

It is in discussion with developers for reducing rentals post re-opening and has invoked force majeure clause in its agreements with them.

Besides, the company has raised additional borrowings from existing bankers to shore up liquidity.

"As of March 31, 2020 the company had cash and bank balance of Rs 316 crore. As on June 7, 2020 cash and bank balance is Rs 227 crore (including undrawn bank lines)," it added.

Over reopening of theatres, PVR said that the government has come out with a phase-wise schedule.

In these guidelines cinema halls have been kept in the third phase of re-opening, where dates will be decided based on assessment of the situation.

"We are in continuous engagement with all regulatory authorities and hope to receive the necessary permissions for restarting opening in the near future," it added.

Currently PVR operates 845 screens in 176 properties in 71 cities.

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Agencies
August 2,2020

Mumbai, Aug 2: None of the sim cards that actor Sushant Singh Rajput was using was registered under his name, said the team of Bihar Police, probing his death case, on Sunday.

The team also informed that one of the sim cards that the late actor was using was registered the name of his friend Siddharth Pithani.

"We are now tracking the call detail records (CDRs)," the police said.

The team also said that they will interrogate the family of Sushant Singh Rajput's former manager Disha Salian, who died few days before Sushant's death.

"Even after constant attempts to connect with them on phone, we have failed to establish any contact," it said.

Earlier today, while talking to news agency, the Director-General of Police (DGP) of Bihar Gupteshwar Pandey hinted at the non-cooperation of Mumbai police with his team in their investigation.

"We don't have post-mortem report details, CCTV footage or any information that has been collected by Mumbai Police during probe till now. Our Chief Minister has requested the Maharashtra Chief Minister to ask his police force to cooperate with us," the DGP added.

When asked if Bihar Police want CBI probe into the case, he said, "We are more than capable of doing an unbiased investigation. We hope that Mumbai Police will cooperate with us and we'll conclude the investigation."

Rajput was found dead at his Mumbai residence on June 14. Mumbai Police who was investigating the case had earlier informed that they have recorded the statements of 41 people, including filmmaker Mahesh Bhatt, film critic Rajeev Masand, director-producer Sanjay Leela Bhansali, and filmmaker Aditya Chopra so far.

A team of Bihar Police is in Mumbai to probe the actor's death after an FIR was filed by Rajput's father KK Singh against late actor's girlfriend Rhea Chakraborty in Bihar in connection with the death case under several sections including abetment of suicide.

The Enforcement Directorate (ED) had also registered an Enforcement Case Information Report (ECIR) in Rajput's death case. ED registered the report after an FIR was filed by his father against Chakraborty.

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Agencies
June 6,2020

Hollywood star Angelina Jolie feels discrimination and impunity cannot be justified in any way, and says she hopes people in the US can come together to "address the deep structural wrongs in our society".

The Oscar-winning star, who turned 45 on Thursday, also donated $200,000 to the NAACP Legal Defense Fund, reports people.com.

"Rights don't belong to any one group to give to another. Discrimination and impunity cannot be tolerated, explained away or justified. I hope we can come together as Americans to address the deep structural wrongs in our society," Jolie said.

"I stand with the NAACP Legal Defense Fund in their fight for racial equality, social justice, and their call for urgent legislative reform," she added.

Meanwhile, the actress celebrated her birthday amid lockdown with her six children -- Maddox, 18, Pax, 16, Zahara, 15, Shiloh, 14, and 11-year-old twins Knox and Vivienne.

The actress and activist has been active since the COVID-19 pandemic spread around the world and has donated to different organisations.

Jolie previously donated $1 million to No Kid Hungry, the organisation working to feed children during the COVID-19 pandemic.

"I knew that there were problems in America, that there was poverty, but I could not believe when I realised how many school children in America were dependent on a meal to not go hungry. I was so disgusted that we have gotten to this point as a country and that we would let the most vulnerable be in such a state. I can't imagine what it feels like for those parents," she said while opening up about her reason to get associated with the organisation.

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News Network
July 1,2020

Los Angeles, Jul 1: Bollywood stars Alia Bhatt, Hrithik Roshan and costume designer Neeta Lulla are among the 819 artistes and executives who have received invitations to join the Academy of Motion Picture Arts and Sciences (AMPAS).

Bhatt's last movie, the Zoya Akhtar-directed Gully Boy was India's official entry for best international feature category at the 2019 Oscars. However, the film had failed to make it to the final five.

Other prominent Indian names to receive invitations are casting director Nandini Shrikent, documentary filmmakers Nishtha Jain, Shirley Abraham, Amit Madheshiya, visual effects supervisors Vishal Anand and Sandeep Kamal.

In a statement, the Academy said the new invitees include 36 per cent of people of colour and 45 per cent women. Artistes from 68 countries have been invited as members.

Those who accept the invitation will have voting rights at the 93rd Academy Awards, scheduled to be held on April 25, 2021.

"The Academy is delighted to welcome these distinguished fellow travellers in the motion picture arts and sciences. We have always embraced extraordinary talent that reflects the rich variety of our global film community, and never more so than now," Academy President David Rubin said.

The Academy has been actively working to introduce more diversity in its voting to avoid a controversy like 2016 when the Oscars were dubbed "white" for failing to recognise talents of colour.

The 2020 batch boasts of major Hollywood names like Cynthia Erivo, John David Washington, Constance Wu, Zazie Beetz, Florence Pugh, Zendaya, Awkwafina, Yalitza Aparicio, Mackenzie Davis, Ana de Armas, Adele Haenel, Thomasin McKenzie, Olivia Wilde and others.

The stars of multiple Oscar-winning South Korean movie Parasite -- Jang Hye-Jin, Jo Yeo-Jeong, Park So-Dam and Lee Jung-Eun -- are among the invitees.

Directors Lulu Wang, Ari Aster, Terence Davies, Matthew Vaughn, Robert Eggers, Matt Reeves, Alma Har’el are on the list as well.

The Academy has announced a new five-year plan that includes implementing inclusion standards for nominees.

"We take great pride in the strides we have made in exceeding our initial inclusion goals set back in 2016, but acknowledge the road ahead is a long one.  We are committed to staying the course.

"We look forward to continuing to foster an Academy that reflects the world around us in our membership, our programs, our new Museum, and in our awards," Academy CEO Dawn Hudson said.

In 2019, the organisation had invited 842 new members which included Indian names such as filmmakers Zoya Akhtar, Anurag Kashyap and veteran actor Anupam Kher.

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